The budget President Barack Obama will submit on April 10 will contain a proposal that would prohibit individuals from accumulating more than $3 million in Individual Retirement Accounts (IRAs) and tax-preferred retirement accounts.

According to a White House statement, the Obama administration believes the current rules allow some wealthy individuals "to accumulate many millions of dollars in these accounts, substantially more than is needed to fund reasonable levels of retirement saving."

"The budget would limit an individuals total balance across tax-preferred accounts to an amount sufficient to finance an annuity of not more than $205,000 per year in retirement, or about $3 million in 2013," the statement said. "This proposal would raise $9 billion over 10 years."

9,000,000 might really be chump change after hyperinflation. Maybe enough for a week’s worth of food. Not unlike the Weimer Republic. This is not a time for anyone, rich or poor, to be buying into any rigid dollar limits projected into such an uncertain future.

OTOH, with ObamaCare death panels in place, and doctors getting out of the profession, life expectancy - and hence money needed for retirement - should be considerably less, and, in addition, we won’t have to spend as much on unavailable doctors and medicines in our last days.

22
posted on 04/05/2013 6:57:24 PM PDT
by dagogo redux
(A whiff of primitive spirits in the air, harbingers of an impending descent into the feral.)

substantially more than is needed to fund reasonable levels of retirement saving

Who is he to tell a person what is a reasonable level of retirement saving??

Obama, you have made enough money off of Bill Ayers' book and your time in the state and national Senate, and the presidency. Henceforth, acting as a citizen of the USA, I declare you will receive no further pay for being president.

Additionally, you will reimburse the treasury for the excessive travels and vacations of your family. I have just capped your income and retirement funds. Leave office. Your have made enough money. Bye!

If you are going to tell me when I have enough, I (and every other citizen) certainly have the right to tell you the same. You have enough.

26
posted on 04/05/2013 7:07:45 PM PDT
by Right Wing Assault
(Dick Obama is more inexperienced now than he was before he was elected.)

instead of trying to block people from saving and investing (and instead of destroying so damned many jobs and businesses that could offer employment), Obama and his colleagues should take a complete U-TURN and ... encourage people to work, go into business, save, and invest.

to stop the downwards economic spiral and set it back again on its (natural) upwards path.

he needs to do a complete turn-around....if he wants to help America succeed again. if he wants to do that.... if... if...???

Forget about Obama. I have to question why anyone would have $3M in a tax-deferred retirement plan under any circumstances. For one thing, the money gets taxed anyway -- when you withdraw it. And if you don't withdraw it fast enough once you reach a certain age, you get penalized by the IRS.

Secondly, I've found that investing outside a retirement plan gives you a lot more flexibility with your money and doesn't tie it up for many years like an IRA or 401(k) does.

Anyone who has the werewithal to save $3M in a retirement account might do well to invest in a lot of hard assets like real estate, precious metals, etc.

Looks like someone tipped off Obama and those who were salivating that nationalizing IRAs would quickly result in decorated lamp posts (especially since it looks like national gun registration schemes are going nowhere), an attempt is underway to confiscating money by taxation of funds that are not deferred.

“Alameda County supervisors have really taken to heart the adage that government should run like a business  rewarding County Administrator Susan Muranishi with the Wall Street-like wage of $423,664 a year.”

This is just prep for the coming super-inflation. $3,000,000 will be almost nothing within 20 years and the 401k’s the left detests will be effectively history. That makes more people dependent on government.

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